Last Monday’s 5.5 per cent drop was a shocker. According to my personal historical database, it was the 13th biggest fall since the Great Depression. Even more worrying, most of the other big drops on the list occurred in the middle of a bear market, not the end. It is a clear warning that last Monday might not be the final capitulation sell-off that some investors hope for.

If the past is any guide, the UK stock market is not yet out of the woods.